Removing oxidation?

[Dementedfish]

Any products/techniques you guys would recommend to remove badly oxidized paint on my 4runner? I was thinking of using Meguiars Diamond Cut but I wanted to see what you all have used.

http://www.meguiars.com/en/professional/products/m8501-diamond-cut-(t)-compound-1-gal/

Was also thinking about the Ultimate Compound:

http://www.meguiars.com/en/automotive/products/g17216-ultimate-compound/

Here's the extent of the oxidation of the roof.